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Markets

US oil may rise to $66.52

  • On the daily chart, a resistance zone of $65.65-$66.60 triggered the second correction, which looks too shallow to complete.
10 May 2021

SINGAPORE: US oil may rise to $66.52 per barrel, as it has broken a resistance at $65.45.

The break opened the way towards $66.52.

The nature of the rise from the May 7 low of $63.93 remains unknown.

It could be a part of a correction triggered by the resistance at $66.52 or a continuation of the uptrend.

A break above $66.52 could lead to a gain at $67.98, while a break below $65.45, now a support, may cause a fall to $63.88.

The bias could be towards the downside, as wave pattern suggests the development of a wave C which could travel into $61.35-$62.62 range.

On the daily chart, a resistance zone of $65.65-$66.60 triggered the second correction, which looks too shallow to complete.

Even though it could be shallower than the one from the March 8 high of $67.98, it could at least extend to $61.79.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.